Bitcoin price analysis: BTC/USD gets back to $8,400; Jack Dorsey from Twitter promotes Bitcoin
|- BTC/USD recovered from Wednesday's low, $8,400 handle in focus.
- Twitter CEO Jack Dorsey wants to be at the vanguard of crypto revolution.
Bitcoin gained 1.5% over the recent 24 hours, recovering from $8,103 reached on Wednesday to a high of $8,394 early on Thursday. Currently, the coin No. 1 is trading at $8,374, but the bullish momentum is losing traction. Bitcoin's the market cap increased to $143B, but its market dominance has lowered to 36.8%.
Jack Dorsey, CEO and co-founder of Twitter and Square, admitted that he is a big fun of Bition and its underlying technology. Speaking at Consensus conference in New York, he said that he wants his company to be among the first adopters of cryptocurrencies as payment means.
"The internet is going to have a native currency so let's not wait for it to happen, let's help it happen," Dorsey said on Wednesday. "I don't know if it will be bitcoin but I hope it will be."
Bitcoin's technical picture
Technically, BTC/USD is getting closer to a significant resistance created by 38.2% Fibo retracement at $8,425; a sustainable move higher will cause the extended recovery to $8,500, strengthened by 100-SMA (horly chart). On the downside, the support comes at $8,240 and followed by $8,103 (Wednesday's low).
BTC/USD, the hourly chart
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